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World’s Biggest Bookstore sold to Lifetime Developments

The World’s Biggest Bookstore has been sold to a Toronto developer for an undisclosed amount.

Lifetime Developments, which builds both residential and commercial real estate, has purchased the property, the Toronto Star first reported. There was no immediate word on when the deal would close.

Lifetime declined an interview but issued a statement from its vice-president confirming the deal and that “we are looking forward to sharing plans for this newly acquired site at the appropriate time.”

The current lease on the building at 20 Edward St., held by Indigo Books & Music Inc., is ending soon. The company, which wasn’t immediately available for comment, told the Star it’s rebalancing its portfolio and will close the bookstore in February.

The report said Lifetime didn’t have immediate plans for the 64,000-square-foot building, which has three levels and was once a bowling alley.

Lifetime Developments is behind Liberty Market Lofts and the Four Seasons Hotel Toronto.

What should the new owner do with this landmark? Share your thoughts in the comments.